China to eliminate 12 more pesticides
Beijing: China plans to eliminate another 12 highly toxic pesticides from use within five years, state media reported late on Monday, as the government looked to improve the safety of its farm produce. That comes amid an ongoing campaign to improve the environment and, in particular, tackle severe soil pollution. Beijing has already withdrawn 22 highly toxic pesticides from use, and it prohibits the use of any such products on fruit, vegetables and tea. But it still has a number of highly toxic chemicals in use on other crops, where they are particularly effective in fighting underground pests, Zeng Yande, head of the crop management department at the agriculture ministry, was quoted as saying by the Xinhua News agency. The ministry has already issued a notice banning the highly toxic substances endosulfan and methyl bromide by 2019.
RBI reiterates warning on Bitcoin bubble
Mumbai: The Reserve Bank of India (RBI) Tuesday reiterated its concerns about Bitcoins, just days after the cryptocurrency hit a record high of just under $11,800, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion. The RBI said it wanted to reinforce its previous message to “users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.” The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange on Sunday. The RBI had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.
Policy meet begins
Mumbai: RBI Governor Urjit Patel headed Monetary Policy Committee started two-day deliberations Tuesday amid several experts saying that the central bank is unlikely to lower the key interest rate and will stay focused on controlling inflation. The MPC meeting outcome Wednesday is being keenly awaited by all stakeholders including the industry and stock markets. In its October review, the MPC had kept the benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal. The Reserve Bank of India had reduced the benchmark lending rate by 0.25 percentage points to 6 per cent in August, bringing it to a 6-year low. Bankers and experts are of the view that for the second time in a row it may keep the repo-rate or short term lending rate unchanged as inflation trajectory is likely to remain upward in the coming months.
